Financial Crime World

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Financial Intelligence Unit Delivers on Fight Against Financial Crime in British Virgin Islands

The Financial Investigation Agency (FIA) has been at the forefront of efforts to prevent and detect financial crime in the British Virgin Islands. As a key Competent Authority in the Territory, the agency has been working tirelessly to combat money laundering, terrorist financing, and proliferation financing.

Agency’s Primary Role

Established as an autonomous law enforcement agency by the Financial Investigation Agency Act, 2003, the FIA is responsible for preventing and detecting financial crime. The agency’s primary role and functions are outlined in section 4 of the Act.

Protecting the Territory from Financial Crime

The vision of the FIA is to protect the Territory of the British Virgin Islands from money laundering, terrorist financing, and proliferation financing. To achieve this goal, the agency works closely with local and international partners to gather intelligence and conduct investigations.

Financial Intelligence Unit Functions

As the financial intelligence unit (FIU) of the Territory, the FIA performs core functions as defined by the Egmont Group. The Analysis and Investigation Unit (AIU) is responsible for:

  • Analyzing suspicious activity reports (SARs)/Suspicious Transaction Reports (STRs)
  • Gathering intelligence
  • Proposing disseminations to relevant agencies

Protecting Non-Profit Organisations from Abuse

The FIA also works to protect non-profit organisations (NPOs) from being used for illicit activities. The agency has implemented measures to ensure that NPOs operating in the Territory comply with international standards and regulations.

Designated Non-Financial Businesses and Professionals Under Scrutiny

In addition, the FIA has designated non-financial businesses and professionals (DNFBPs) as entities vulnerable to being misused for money laundering and terrorist financing. The agency works closely with DNFBPs to ensure they comply with anti-money laundering regulations.

Fighting Financial Crime Together

The FIA is committed to working with local and international partners to combat financial crime in the British Virgin Islands. Through its efforts, the agency aims to protect the Territory’s financial system and maintain its reputation as a safe and secure jurisdiction.